HSBC taps Oracle to power digital transformation
HSBC has signed a multi-year agreement with Oracle as it looks to boost its digital transformation efforts.
The collaboration will see HSBC upgrade and migrate select database systems to Oracle’s Exadata [email protected] platform, a managed infrastructure service that will reside in HSBC’s own data centres.
The move will enable the bank to scale its mission-critical systems and services while also allowing it to meet its data regulation commitments.
The Oracle platform will also allow HSBC to utilise cloud automation to manage legacy applications and scale services according to customer and local market demands.
Oracle executive vice president for technology, EMEA, Richard Smith says the firm’s offering means financial organisations such as HSBC that are looking to adopt new technologies and transform operations can also meet “demanding” data and privacy requirements.
“Our partnership with HSBC is based on achieving this balance, enabling it to consolidate critical systems on a secure, scalable on-premises cloud platform and develop cloud-based services faster.”
The move forms part of HSBC’s initiative to transform its tech infrastructure over the next few years, speeding up the development, delivery and scaling of new products and services while making existing products more secure and available.
HSBC chief technology officer Frank McGrath says the firm chose Exadata [email protected] “primarily for its ability to offer well known databases, with the benefit of a database-as-a-service platform”.